We all know that Making Tax Digital (MTD) is coming soon and CB Reid have been working hard with clients to submit VAT returns via HMRC’s MTD public beta. Teaming up with two of our clients, Ebit Business Solutions (using Xero) and Key Digital (using Quickbooks Online), we made both submissions successfully and we gained valuable experience of how the system works and interacts with both sets of software.
Jo McCourt, Head of Finance and Operations at Ebit Business Solution said. “We’ve been working on the transition with the team at CB Reid for a while and we were delighted that first submission went really smoothly. We feel that making submissions in this way will provide our business with much clearer integrated information.”
We totally agree with Jo. While we need to ensure that clients are meeting Making Tax Digital requirements, it isn’t just about being compliant. Our clients will be benefitting from slicker, more up-to-date financial data on which to base their business decisions. Many are also finding superb integrations with other business processes.
David Lakins, Managing Director at Key Digital said, “We’re really pleased with how this has been managed. We have remained in regular contact with the team at CB Reid and the two-way information flow has been excellent – helped by the software that we are using. It really makes collaboration on work like VAT returns so much easier than it was before. It’s great to be working with an accountancy firm who are totally on top of something as important as Making Tax Digital’.
Now that we have successfully submitted VAT returns via HMRC’s test system, our next task is to fully test our spreadsheet solution using Wolters Kluwer CCHOneClick.
Where Making Tax Digital is concerned, the team at CB Reid is fully prepared and ready to go. If you need any advice on preparing for Making Tax Digital, please get in touch and we’d be delighted to help. We can work together to get your systems and software up to speed and develop a solution that suits you best.